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Investment Strategy
mberg European equities: switch to outright long Healthcare We switch our European sector pair trade preferr
d by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to retail clients (as defined in the rules of the FCA and the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to imited regulation by the FCA and PRA - details about the extent of
Page: HOUSE_OVERSIGHT_014457 →higher oil would make Oil’s high DY sustainable. Healthcare is too cheap vs an improving sector growth outloo
d by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to retail clients (as defined in the rules of the FCA and the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to imited regulation by the FCA and PRA - details about the extent of
Page: HOUSE_OVERSIGHT_014496 →is one of the nation's largest managed care organizations, covering roughly 23 million members. The company focuses on three main business segments: Health Care (health insurance, dental, behavioral health and pharmacy benefit Bankof America <> Merrill Lynch Top 10 US Ideas Quarterly | 03 January 2017 3 HOU
Page: HOUSE_OVERSIGHT_014624 →d by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to retail clients (as defined in the rules of the FCA and the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to imited regulation by the FCA and PRA - details about the extent of
Page: HOUSE_OVERSIGHT_014650 →nce in the health system in order to enhance % of Healthcare facilities reporting comprehensive % 10 100 NA 10
ued and distributed in Singapore to institutional investors and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank) (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (S
Page: HOUSE_OVERSIGHT_016194 →Quantitative Analysis
tax of overseas earnings of US firms’ subsidiaries at reduced rates. Non-Financials in the S&P hold at least $1.2tn in overseas cash (mostly Tech and Health Care). If half was used for buybacks, this could add 3% ($4) to S&P 500 EPS. A redux of 2004 where companies used 80% of cash for buybacks may be less lik
Page: HOUSE_OVERSIGHT_023069 →d by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to retail clients (as defined in the rules of the FCA and the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to imited regulation by the FCA and PRA - details about the extent of
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both Merrill Lynch International Bank Limited and Health Care

Bank of America
ORGANIZATIONUtilities
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATION
Donald Trump
PERSON
Merrill Lynch
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATION
Michael Bloomberg
PERSON
Frankfurt
LOCATION
United Kingdom
LOCATIONthe Dubai Financial Services Authority
ORGANIZATION
Seoul
LOCATION
Merrill Lynch Global Wealth Management
ORGANIZATIONMerchant Bank
ORGANIZATIONBaFin
ORGANIZATIONBank of America Merrill Lynch International Limited
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATIONThe Financial Service Board
ORGANIZATION
BANA Australia
ORGANIZATION
the Financial Services Agency
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATION